Visa introduced on October 3, the Visa Tokenized Assets Platform (VTAP), a new product that will allow Banks to issue Fiat backed tokens on Ethereum Blockchain.
This means, Banks like BBVA (who by the way is their first custom), can use the platform to transact with other institutions all using Fiat backed tokens. For that to happen, institutions that partner with BBVa for example, will need to deposit cash into the bank, then the BBVA issue tokens on the Ethereum network backed by that deposit.
This new issued tokens can now be used in the VTAP to easiest deals between them all with insurance on the deposit made on Fiat. It's a straightforward platform that will teach banks how to use their Fiat to back tokens that can be used fast, cheaper and across the world in minutes.
The pilot phase will begin on 2025 and os a milestone for the giant payment processor teaching banks how do deal with Fiat backed tokens to deal between partners. So, Visa is shouting to the traditional Banks in the world: let's the Blockchain game begins! Remember:
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